Upscale retailer Saks Inc. failed to get a buyout offer for the entire company, but private equity firms and rival retailers submitted bids for the namesake Saks Fifth Avenue chain and a group of regional department stores, according to Women’s Wear Daily.
In a story reported by Reuters, WWD said the one-time front-runner Cerberus Capital Management dropped out of the auction. About a dozen other bidders remain, including private equity firms Bain Capital, Blackstone and Texas Pacific Group and retailers Jones Apparel Group Inc. and Bon-Ton Stores Inc., the newspaper reportedly said.
Blackstone and Jones Apparel are reportedly interested only in the Saks Fifth Avenue chain, while Bon-Ton has its eye on the department store group, which consists of the Carson Pirie Scott, Bergner’s, Younker’s and Boston Store nameplates, according to the report.
The board of Saks could make a decision as early as this week or seek another round of offers, Women’s Wear Daily said.